Debt Settlement – Is this Good or Bad?
People are often divided on debt settlement. Is it a good thing to do? Or is it something that will precipitate a bad credit score? The answer depends on the circumstances of the person seeking debt settlement.
If the person’s first concern is to raise the credit score, then debt settlement is not the right path to take. The credit bureaus and creditors in general do not look at debt consolidation as a method that spells “responsibility with finances.” So the immediate result will be a dip in the credit score.
But if the person’s focus will rather be on getting out of debt the fastest possible way, then debt consolidation is one of the best ways out. This will also raise the score, though at a slower rate than you would wish for. The best part of this choice is that once you’ve signed up with a debt consolidation program, you will have regained your peace of mind regarding timely payment of bills.
